Photo: Freight News.
Fuel prices have risen rapidly in the past months and it seems to be enjoying itself. It's believed the reason behind the rapid increase of fuel price is the price increase of crude oil. Fuel prices follow oil to a great extent. According to the EIA (Energy Information Administration) the price of crude oil account for sixty percent of the price of a gallon of regular gasoline. Russia's invasion on Ukraine is at the top of reasons gasoline prices has gone mad, though even before the invasion fuel and oil prices were expected to rise amid the Covid-19 pandemic.
The rapid increase of fuel doesn't end only with fuel, it affect consumers in many ways as the price of construction materials, food and other necessities are expected to rise since price of transportation has skyrocketed. Public transport is nowhere behind in all this.
Though the United States is the world’s largest producer of oil and processed petroleum products, it also import oil from other countries thus it is leading in the price of gasoline at the moment due to their suction against Russia with Russia being the second largest producer of oil.
It's understandable why fuel prices has gradually increased in the United States as it remains unreasonable for the rapid increase of fuel in South Africa since South Africa has a good relationship with Russia and both countries are part of BRICS. Since both countries have maintained a good relationship, Russia sure have no issues trading oil to South Africa at a reasonable price.
Our country import fuel at a reasonable price, which automatically should be sold to South Africans at a reasonable price, but due to our country runs after everything Americans do, fuel is sold to South African residents at an insane price and still sell to countries like Botswana, Namibia, Swaziland and Lesotho at a reasonable price.
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